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LILLAH WULA PIOVIENI IZUA LiquidLII VI a partTED Lur Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $252,000 74,200 166,950 129,850 $623,000 Total assets Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare ournal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar) 11) Inventory is sold for $621,000. 12) Inventory is sold for $468,000 (3) Inventory is sold for $329,400 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $240,600 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G) Required 2 Inventory Required 2G Required 3 G Inventory Required 4 Inventory Required 4 G Sed Complete the schedule allocating the gain or loss on the sale of inventory is $621,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 621,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,200 Allocation of gains (losses) Capital balances after gains (losses) $ 74,200 COGLEY $ 166,950 M $ EI 129,850 Total 371,000 $ $ 166,950 $ 129,850 $ 371,000 Journal entry worksheet Check my work Required 1 Inventory Required 16) Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $468,000, Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost 468,000 COGLEY Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,200 Allocation of gains (losses) Capital balances after gains (losses) 74,200 MEI 129,850 Total 371,000 $ 166,950 $ $ $ 166,950 $ 129,850 $ 371,000 Check mi Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal